Sebi fines Trigon Zinco Rs 5 lakh for not redressing investors' grievances

Markets regulator Sebi on Thursday levied a fine of Rs 5 lakh on Trigon Zinco Ltd for failing to obtain SCORES authentication and not redressing investors' grievances.

SCORES is an online complaint redressal system of Sebi through which the complaints received by the regulator are electronically forwarded to the listed company which in turn is required to resolve the same and furnish an action taken report in electronic form.

As SCORES (SEBI Complaints Redress System) is an online electronic system, listed companies are required to submit details for authentication to the regulator that provides company specific user ID and password.

However, Sebi noted that Trigon Zinco neither obtained SCORES authentication nor redressed grievances of investors.

"To boost investor confidence in the securities market, it is essential that priority should be assigned to redressal of investor complaints by the listed companies. Participating in the online complaints redressal system SCORES initiated by Sebi in June 2011 is vital and its sanctity needs to be maintained by all the listed companies," Sebi said.

In separate orders, the Securities and Exchange board of India (Sebi) imposed a fine of Rs 5 lakh each on Imtihan Distributors Pvt Ltd and Antimony Tradelink Private Limited for indulging in fraudulent and manipulative trading in illiquid stock options on the BSE.

By doing so, the firms violated provisions of the Prohibition of Fraudulent and Unfair Trade Practices regulations, Sebi said.